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Crowdfunding According to ECSP Regulation – Is a Securities Prospectus required?
Under the ECSP Regulation, securities issuances can also be offered via crowdfunding platforms. Which requirements with regard to prospectus law do issuers have to fulfill in projects of this type?
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Security Token as Asset Investment – Is that Possible?
This year, BaFin already approved two securities prospectuses for security token offerings. In July of 2019 it approved a prospectus concerning the offering of token based subordinated bonds in the form of profit participation certificates and in January of 2019 a prospectus concerning a security token in the form of a registered bond. The approval […]
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Security Tokens Always Securities – What are the Implications of the New Administrative Practice of BaFin for STO Emitters?
BaFin expressed its new, general administrative practice concerning the qualification of security tokens in an article in the BaFin journal of April 2019. Under this new administrative practice security tokens, meaning all tokens granting its owner membership or equity-like rights and that are freely tradable and transferable will be qualified as securities sui generis. This qualification by […]
